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Mar, 19 2018

Food startup Fingerlix secures Rs 8.5 crore Funding From Alteria Capital

The Mumbai-based startup, which is backed by Accel Partners and Zephyr Peacock, raised Rs 8.5 crore in its first debt financing exercise.

Venture debt firm Alteria Capital made its first investment in ready-to-cook food brand Fingerlix in a quick succession after the first close of its maiden Rs 1,000 crore fund.

The Mumbai-based startup, which is backed by Accel Partners and Zephyr Peacock, raised Rs 8.5 crore in its first debt financing exercise.

With this funding, the total capital raised by Fingerlix reached Rs 71.5 crore, including equity and debt. Fingerlix will use the proceeds to build production capacity for its existing presence in the country’s top six cities.

The firm, which has a kitchen in Mumbai, will build one in Delhi immediately and follow it up with another for the southern market.

“The investment in Fingerlix represents the ideal type of transaction that we will seek out of a high-quality business with the potential to generate high returns, being driven by a great team and strong investor support," shares Ajay Hattangdi, Managing Partner, Alteria Capital.

Fingerlix will use a portion of the fund to also boost its distribution channel and increase presence in retail and other distribution outlets.

As the consumer brand and FMCG play in the Indian startup ecosystem grows, both equity and debt investors are looking to build significant portfolios in the space.

Commenting on the same, Vinod Murali, also a managing partner at the venture debt firm adds, “India has been starved of a lot of good quality brands. While we are sector agnostic, the consumer pipeline for Alteria Capital is quite strong and will be evident in the deals to come.”

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